Private equity coaching
Executive and corporate coaching
What is corporate coaching? What is executive coaching? What is the difference between coaching corporate and other coaching? I was asked this recently and my initial response is like coaching a high performer in sport corporate ae and executive coaching describes the environment that as a coach I’m working in. however there is more to this level than this.
Whether I’m doing ‘corporate executive coaching’ or paid for coaching a corporate executive I am being contracted by the firm , by the organisation so I need to find out what they want from the interventions and what their goals are otherwise I’m just coaching an individual in isolation versus the individual and the corporate body he or she works for. Corporate and executive coaching takes into account the corporate executive and the corporate itself . I sometimes refer to this as coaching corporate and coaching the executive who is part of the system politically and otherwise…
I focused both on coaching the performer and coaching corporate so that the Executive and Corporate Coaching delivers both improved individual performance and has a transformational impact on the organization raising Corporate business performance.
Whether I’m coaching an accountant or working with private equity professionals if the corporate has paid for the coaching then they are holding the reins with regard to the focus of the sessions and are part of the contracting and review process (and the feedback process!) . If not then I’m coaching executives who are part of the corporate but the coaching is solely about the individual’s topics, goals and criteria . For me the question what is corporate coaching is too broad and needs breaking down ….
Coaching and career development
I often talk to my clients about ‘acting on reflection, reflecting on action’. It is so useful to step back to look at what’s happening from a different perspective ..
Coaching for career development as a partner or director will provide a discreet and confidential place to reflect and analyse your career path and help you deal with associated discussions with greater confidence, certainty and self-awareness. You will be equipped with a clear next step plan for your next promotion and next phase of your career.
Whether you are a lawyer , an accountant or a private equity professional in London you should be focused on non ‘analytical’ elements of your role so that you have the “edge” over your peers . No stretch no development….
Also managing and motivating teams is now a key director and partnerial skill which is often not learnt earlier in an ‘analytical’ career. Building on development already provided by the firm, we can accelerate the growth of these skills through individual coaching. Partners and directors will alos benefit from improving their coaching skills.
I would suggest that stretch zones or zones of discomfort for professionals included investing time with others, having open dialogues, coaching others, resolving personal conflict giving praise and high quality feedback that improves performance….
Accountants and Private Equity event
Partners and directors at top 4 Accountants Ernst and Young helping the disadvantaged…
I’m looking forward to a forthcoming event at Ernst & Young London Bridge finding out about how Ernst and Young have supported the Private equity Foundation “which helps young people reach their potential by creating a safety net of support for children at home, through school, in the community and into the workplace.”
Working with the Private Equity Foundation(PEF) allows individuals or teams from EY to make a valuable difference in the community, whilst developing their own skills in a different environment and operating alongside current and potential clients in the private equity, government and wider arenas. Individuals and teams within the firm have already given 4000 hours to support PEF and its charities through activities including:
· Coaching individuals working at the charities
· Helping charities analyse and assess new ways of operating to improve effectiveness or efficiency
· Working with PEF to better understand how to measure the effectiveness of NEET interventions
· Helping PEF develop a new approach to significantly reduce the number of NEETs (involving over £1m of Advisory hours to date)
· Due diligence to inform decisions around potential financial investment
· Using tax and financial reporting skills to help charities with specific issues
The aim of the event on 18 May is to bring together representatives of PEF and some of the charities it supports with people within EY who have already worked with PEF and its charities, as well as those who may have an interest in doing so, to share experiences and ideas. ‘
Ernst & Young is proud to be named “Accountancy firm of the year” at the prestigious Financial Times / Mergermarket European M&A Awards 2010 - www.ey.com/Services/Transactions
Forward looking ‘thinkers’ by Egon Zehnder International
Egon Zehnder based in in Mayfair London wrote today about a recent survey of top high performers….
‘Industrial: boards opt for strategic skills over executive experience Industry firms are increasingly looking for strategic thinkers to join their boards, writes Debra K. Rubin in the Engineering News Record. According to a recent survey, 42 percent of top executives from over 400 U.S. industry companies are seeking directors who are “strategic thinkers” and “forward-looking.” Interestingly, however, only 11 percent of respondents cited previous experience as a CEO or in an executive position as important. The study also reveals the waning importance of “strategic relationships” (7 percent) for directors, while strong financial skills were still highly rated by 40 percent of participants. ‘
The Mayfair based Egon Zehnder International specializes in assessing and recruiting business leaders with outstanding track records who will create competitive advantage and sustainable value. The worldwide success of our firm has been built on our insights into the people dynamics of corporations and their leadership requirements at the highest levels.”
Hedge Funds and coaching.
One of the UK’s top performance coaches Professor Graham Jones has recently been working with a Hedge Fund and has been interviewed by the Institutional Investor about his work with the leaders there . He has also expressed his reasons in his blog as why coaching has exploded in the business world.
“Among the reasons offered for such growth in a recent study by the U.K.-based Institute of Employment Studies) are the knock-on effects of the downsizing and delayering of the 1990s resulting in “lonely” and isolated senior managers, and the increasing demand by organizations for senior managers with key “soft skills.” Executives eager to find new ways to develop personally and enhance their performance for senior managers with key “soft skills.” Executives eager to find new ways to develop personally and enhance their performance generally have seen great value in applying the coaching analogy. Just as the best athletes still need and employ coaches, so too do business executives. Indeed, my experience as a business coach in one context and as a sport psychology consultant in another suggests that it is a good analogy, because there because there are several common issues I have encountered. Stress management, confidence, motivation, and focus are well-documented in the literature as being key to performance in sport (Hardy et al., 1996), but my experience is that they also are key to business performance, particularly among the highest levels of leadership and management”
He also talks about his experiences on coaching high performers in business on his blog :
“I published a study in Consulting Psychology Journal a few years ago which showed that high achievers want a coach who is credible, challenging, flexible and who adds value quickly. They want a relationship with their coach which is built on total trust and mutual respect. They are sponges for new information and need to feel they are working with cutting-edge data. These high achievers also have an insatiable appetite for feedback and the coach is an important source of this. They are demanding and fast-paced so that the coach should always be striving to stay one step ahead.
Highly recommended see more at http://www.tpc.uk.net/archives/841
Conversations….
A colleague I work with is fond of saying that everything gets done through conversations. As no conversations can be emotionally neutral we either enhance or diminish relationships with them. What sort do you have most of ? And what sort do you most need to maintain your “edge” and to keep you developing ? What conversations are you having to gain clarity on new behaviours , commitments and actions , influencing key players and peers? As a partner or director in professional services what consistent monthly conversations focus on your strengths and your development needs (and gains) ?
Tighter budgets= doing it properly
Read an article by David Rock which I think is very relevant in todays’ market :
‘ One of the great things about times of deep change is you can start again, doing things properly, the way they should be done, rather than the way they have always been done. It is usually easier to start a new initiative than it is to change an initiative midstream, when all the stakeholders and the system itself pushes back. The combination of tight budgets, and the ability to create from scratch, seems to be driving three emerging trends in how organizations are thinking about coaching. These include more focus on internal coaching, thinking of coaching more broadly as a learning enabler, and thinking more strategically about coaching.’
The CEO and coaching
The CEO of Google talking about the value of coaching …. Coaching is so often seen as just an remedial fix but even the most experienced leaders at hugely successful organisations are likely to benefit from coaching.
You might wonder why the CEO of Google, Eric Schmidt, needs a coach; he leads a phenomenally successful company which continues to grow from strength to strength, surely he can’t have any need for coaching. Schmidt himself admits he thought that the coach would try to advise him on how to run the business and since he is ‘the best person in the world at this’ he didn’t see how a coach would be able to add any value.
Schmidt did eventually agree to a chemistry session and he began to understand how coaching might benefit Google. Evidently over time Schmidt experienced quite a turnaround in his view of coaching has commented about being coached in Fortune Magazine.
‘His contribution to Google – it is literally not possible to overstate. He essentially architected the organizational structure.’ Eric Schmidt, CEO, Google
The video below is an interview with Eric Schmidt where he explains why it is now so important for him to have a coach.
Top dog in Private equity?
You may be one of , or even the top dogs in your firm but it’s not unusual to be thinking “why am I feeling isolated, and how come there is no-one I can fully trust to develop my full potential, to challenge my thinking and to to solve tough often busineess and personal issues with ?”
You may also be thinking “why don’t more people reach his or her true potential here ?” How often do you wonder; “why doesn’t our investment in developing our people pay us back in work-place productivity?” And, why “do many of our most talented people not stay or make it to the top?”
I support challenge , coach and inspire Private Equity professionals ,CEO’s, MDs and talented, key people to recognise their strengths and aspirations and become better in a number of key areas including relationships, performance and decision making .
My Leadership and executive coaching programmes provide dedicated, high quality “time-out” during which you can speak the unspeakable, plan the impossible and commit to key changes that you have put on hold for so long. Coaching is for successful individuals, it can sometimes be tough and challenging and it requires letting go of “safe thinking” and doing things out of your comfort zone. To dogs relish the challenge of continuous development and creating “more edge” . Do you?
Private equity coaching
Interesting article on the Private equity and Venture Capital blog I just came across, still very valid in 2011…
” Today the concept of employing a business coach is proving more popular than ever, with close to 40% of the FTSE 100 chief executives claiming to have used, or are currently using, a business coach.
And it’s easy to see why. Business coaching is particularly effective in times of change, and there has been no more dramatic change in the business landscape than over the last 18 months!
Many years have elapsed since we last saw an economic recession, so it stands to reason that the vast majority of managers don’t have first hand experience of operating in such tough conditions. This is one of the reasons why many managers turn to a business coach for guidance and support.”
More at http://blog.perecruit.com/category/coaching.aspx
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